Futures are up sharply on a jobs report so disappointing (29K vs 84K expected, 4.2% unemployment) that it would give the Fed a little wiggle room re their next rate increase. Unfortunately, it also reinforces the notion of an economic slowdown.

Note that the 10Y reached the June 2019 highs. Of course, back then CPI was 1.6% – far below today’s 3.4%.